The Decatur, Ill., grain processor made $186 million, or 29 cents a share, down from the year-ago $266 million, or 41 cents a share. Sales fell 4% from a year ago to $8.63 billion. Latest-quarter earnings were hit by a 3-cent charge for stock-based compensation. Analysts surveyed by Thomson First Call had forecast a 33-cent profit on sales of $9.08 billion.
"The hurricanes in the Gulf Coast Region seriously disrupted ADM's North American business this past quarter," said CEO Allen Andreas. Looking forward, with this year's near-record U.S. harvest the company is positioned to deliver solid results as we enter the fall season."
Agricultural Services operating profits declined $31 million to $20 million for the quarter due to a decline in global grain merchandising results and the negative impact of hurricanes on North American origination and export operating results. These declines were partially offset by improved operating results of transportation operations.
First-quarter segment operating profit increased 3% to $351 million, as Oilseeds Processing operating profit increased on improved results in Europe, South America and Asia. Corn Processing operating profit increased principally due to lower net corn costs.